How to Buy Government Ijara Sukuk (GIS) in Pakistan: Tenors, Rental Rates and the Latest SBP Result
Government Ijara Sukuk are Shariah compliant bonds in 1, 3 and 5 year tenors from Islamic banks. See FRR, VRR and the latest SBP result of 21 December 2023.
Government Ijara Sukuk, or GIS, are Shariah compliant bonds issued by the Government of Pakistan in 1, 3 and 5 year tenors, and you buy them through an Islamic bank or an Islamic banking branch, which act as Islamic primary dealers for their clients. They can pay a fixed rental rate or a variable one, or be sold at a discount. The latest GIS auction result on the State Bank's site is dated 21 December 2023.
Pakistan's treasury bill and bond pages get most of the attention, but a Muslim saver who wants to avoid interest has a separate government instrument. We read the State Bank of Pakistan's financial market page, its auction result and target calendar sheets, and its Economic Data index on 22 October 2026. This guide says what GIS are, how a result sheet reads and what we could not confirm.
GIS are government Islamic bonds paid as rent, not interest
The State Bank describes GIS as Shariah compliant Islamic debt instruments, currently issued in 1, 3 and 5 year tenors. A GIS may be issued at a discounted price, with a variable rental rate or with a fixed rental rate. The word ijara means lease, and the return is called rental, not interest.
In plain terms, the government pays you rental rather than interest. The State Bank sells GIS through auctions it runs for the Ministry of Finance, the same way it sells treasury bills and Pakistan Investment Bonds. The State Bank page lists GIS beside those other securities.
| Type | How the return works | Tenors in the latest result |
|---|---|---|
| Fixed rental rate, FRR | Rent is fixed at the cut-off set in the auction | 3 year and 5 year |
| Variable rental rate, VRR | Rent varies; the auction sets a margin or price | 3 year and 5 year |
| Discount | Sold below face value | Described on the State Bank page; no tenor shown |
Treasury bills and bonds work differently, and the steps for them are in the guide to investing in treasury bills and the guide to buying a Pakistan Investment Bond.
Islamic banks and Islamic branches act as the dealers for GIS investors
The State Bank says that for GIS and other Islamic sukuk, all Islamic banks and the Islamic banking branches of conventional banks currently work as Islamic primary dealers for their clients. So an ordinary investor goes to the treasury desk of an Islamic bank rather than to the State Bank directly.
- Choose an Islamic bank or an Islamic banking branch where you already hold, or can open, an account.
- Ask its treasury or investment desk whether a GIS auction is open and what the minimum is.
- Ask how the bank holds the sukuk for you, and what it charges for holding and trading it.
- Give your bid or a non-competitive request before the bank's deadline, which falls before the auction.
- After the result, keep the statement that shows your face value, the rental rate and the maturity date.
We have not placed a GIS bid, and the State Bank's investor guide for GIS is a scanned file our tools could not read. So the minimum amount and the retail process in step two and three are things to ask, not facts we are stating. The treasury bill guide on the same site sets a Rs 5,000 multiple for bills, and we cannot say GIS follow it.
A result sheet shows the cut-off price and the amount accepted
The latest GIS result sheets we found are for the auction of 21 December 2023, settled on 26 December 2023. They show the face value of bids received, the amount accepted and a cut-off rental rate or price applied to every accepted bid. The numbers below are history, not today's terms.
| 21 December 2023 auction | Bids received | Accepted | Cut-off price per Rs 100 |
|---|---|---|---|
| 3 year FRR | Rs 31,350.5 million | Rs 90.5 million | 100.2842 |
| 5 year FRR | Rs 40,010 million | Rs 10,000 million | 100.0022 |
| 3 year VRR | Rs 54,947.7 million | Rs 31,697.7 million | 99.0800 |
| 5 year VRR | Rs 107,360 million | Rs 71,110 million | 98.7600 |
The cut-off price decides what every accepted bidder pays or earns, whatever their own bid. The State Bank home page still shows these same four cut-off numbers under its GIS cut-off table, so the page has not shown a newer GIS result since that auction.
One mismatch is worth a note. The State Bank's Economic Data index labels the latest GIS result with the date 21 December 2025, while the result sheets themselves say 21 December 2023. We trust the date written on the sheets, and we would check the State Bank's calendar before assuming a new auction is due.
The State Bank's upcoming auction panel lists no GIS line
On 22 October 2026 the State Bank's home page listed fixed rate bonds on 7 October, treasury bills on 14 October and two floating rate bond lines dated June 2026 and February 2025, under an "Upcoming Auction" heading. It listed no GIS line at all. We did not find a GIS auction notice dated after 2023.
That does not mean GIS are closed. The State Bank describes them as currently issued, and its auction target calendar explains how a round works: bids marked NCB, which we take to mean non-competitive bids, go in one working day before the auction until 4 pm, and tenders go in on the auction day until noon. Ask an Islamic bank for the next date.
The calendar we read is a December 2023 to February 2024 schedule, so its times are history too. The government's wider borrowing plan, which sets how much it raises through bills and bonds, is in the report on the FY27 borrowing plan.
If you want a halal return today, check what you can buy now
Since a GIS may not be on offer this month, a saver who wants a Shariah compliant return should look at what is open. Islamic bank savings accounts share profit from a pool, and National Savings runs an Islamic account of its own.
The pool rule that decides your profit is in the guide to the 75 per cent profit pool rule at Islamic banks. National Savings' Islamic term and savings account rates are in the guide to the Sarwa Islamic account. If you hold sukuk, check zakat on the holding with a scholar, because the State Bank's guide for treasury bills says no compulsory zakat is deducted at source for those, and we did not read the same line for GIS.
Common questions
What is a Government Ijara Sukuk?
It is a Shariah compliant government bond that pays a rental return, sold by the State Bank for the Government of Pakistan.
What tenors do GIS come in?
1, 3 and 5 years, according to the State Bank. The latest result we found covered the 3 and 5 year tenors.
Where can I buy GIS?
Through an Islamic bank or an Islamic banking branch, which act as Islamic primary dealers for their clients.
What is the difference between FRR and VRR?
FRR pays a fixed rental rate. VRR pays a rate that varies, and the auction sets its margin or price.
When is the next GIS auction?
We did not find one. The State Bank's upcoming auction panel lists none, so ask an Islamic bank for the schedule.
Is a GIS safe?
The sukuk are issued by the Government of Pakistan. We did not rate the risk, and returns and prices on resale can vary.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 22 October 2026. The description of GIS, their tenors and the role of Islamic banks come from the financial market page of the State Bank of Pakistan. The December 2023 results and the target calendar come from the State Bank's GIS auction result sheets and calendar, listed on its Economic Data page. We could not read the State Bank's scanned GIS investor guide, and we did not find a GIS auction notice after December 2023. We did not place a bid.
About the author
Senior Writer, Public Services and Technology
Shahid joined us in 2024 as an author. He is a senior contributor to Pakistan's leading technology websites. He writes detailed articles, mostly covering his expertise in the latest tech, mobiles, apps, gadgets, and step-by-step guides. His ideology is to help people understand the latest trends and explain complex methods through very easy-to-understand guides.
